KIB Issues USD 300 Million Additional Tier 1 Sukuk

KIB Issues USD 300 Million Additional Tier 1 Sukuk

Sheikh Mohammed Jarrah Al-Sabah, Chairman, KIB Kuwait City, Apr 27: The Chairman of KIB, Sheikh Mohammed Jarrah Al-Sabah stated that “As a result of Kuwait International Bank’s (“KIB”) outstanding achievements during the last few years, the solid financial position, its strong credit rating, in line with its well-planned expansionary strategy and its sustainability; and to …

Sheikh Mohammed Jarrah Al-Sabah, Chairman, KIB

Kuwait City, Apr 27: The Chairman of KIB, Sheikh Mohammed Jarrah Al-Sabah stated that “As a result of Kuwait International Bank’s (“KIB”) outstanding achievements during the last few years, the solid financial position, its strong credit rating, in line with its well-planned expansionary strategy and its sustainability; and to maintain an appropriate capital adequacy ratio (CAR) level, the Bank decided on issuing an Additional Tier 1 (“AT1”) Sukuk, which was approved by its Annual General Assembly and all competent regulatory bodies.

On Wednesday, 24 April 2024, KIB successfully priced a USD 300 Million AT1 perpetual Sukuk that is classified under Tier 1 capital as per Basel III and CBK guidelines at an annual profit rate of 6.625%. KIB received high demand from investors, as evidenced an oversubscription of over Two times. The final pricing represents the tightest spread ever achieved on